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The moves were aimed partly at mitigating the threat of tariffs.

Disgraced Spanish ex-king Juan Carlos I on Monday appeared in an unexpected video aimed at young people days before his memoirs come out in Spain, defending his record against "distortions".

The company said it aims to maintain a reserve “in an amount sufficient to fund at least twelve months of dividends,” and ultimately intends to cover 24 months or more.

Unlike traditional passive ETFs, which track a market index like the S&P 500, these funds are curated by a manager who chooses a collection of securities and is aiming to outperform the broader market.

In a speech, Sir Keir said he was "proud" of the Budget, highlighting measures aimed at reducing child poverty and the cost-of living.